USDA Expands Access to Credit to Help More Beginning and Family Farmers

The U.S. Department of Agriculture is increasing lending limits to help more beginning and family farmers. Beginning next month, the borrowing limit for the microloan program will increase from $35,000 to $50,000. The lending process also has been simplified allowing the required “farming experience” to include other valuable experiences. The microloan changes will allow beginning, small and mid-sized farmers to access an additional $15,000 in loans using a simplified application process with up to seven years to repay. “USDA is continuing its commitment to new and existing family farmers and ranchers by expanding access to credit,” said Agriculture Deputy Secretary Krysta Harden. “These new flexibilities, created by the 2014 Farm Bill, will help more people who are considering farming and ranching, or who want to strengthen their existing family operation.” Learn more.